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Nov 2, 2013 8:45am EDT
and the banks were taking over these homes and sitting on them. a few years back, harvard law school set up a legal clinic to deal with foreclosures and began working with community organizations that was on the ground trying to stop foreclosures and then they began working with the community credit union that started waving money to buy back distressed properties from the banks and resell them at renegotiated rates for the homeowners and it was the tremendous success because everybody won. the banks were foreclosing homes that modified half a million dollar mortgage on them. and selling $100,000 does nobody wanted a home so the banks were taking a huge hit. homeowners were losing their homes so the credit union, giving them 200,000 and take a hit but it will be less if you have a house on the open market. and sell it back at the new rate so their mortgage goes from 500,000 to 200,000. and the community credit union, everybody wins so i have seen things like that. and i argue in my book the federal government could do a similar thing. if it could be done by the community credit union there
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